GROW New Jersey Tax Credits Enhanced

On his last day in office, NJ Governor Chris Christie signed NJ S3305 into law, which benefits hundreds of companies participating in the GROW NJ tax credit incentive program.

Under the new measure, income generated from the sale of GROW tax credits is not subject to corporate or partnership income tax. In addition, buyers of these tax credits may now carry them forward for 20 years, instead of just 3 years granted under the old law. And finally, the minimum sale rule of 75% has been eliminated for affiliated companies.

GROW NJ is the largest economic incentive program in New Jersey. The program has been credited with attracting hundreds of new companies into the state, and generating countless new jobs.

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Since 1998, the professionals at Tax Credits International have assisted in the development and maintenance of a professional and reliable tax credit market handling more than 2,000 transactions and placing over $1.5 billion in various state tax credits to date.